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  • Last Update : 01:59 am

Tapping into new markets

  • Published at 12:00 am January 18th, 2019
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Photo: BIGSTOCK

A tremendous window of opportunity has opened up for Bangladesh to grab new world markets

The United States and European countries have generally been the traditional destinations for Bangladeshi apparel exports, but our horizons are about to get much bigger.

Apparel shipments to new export destinations have increased by a healthy 36.21% in the first half of the current fiscal, a growth which can be attributed to enhanced cash incentives and the initiatives of exporters to diversify their markets.

So now, in addition to the US and Europe, export destinations with great potential for us include Australia, Brazil, Chile, China, Japan, South Korea, Mexico, Russia, South Africa, and Turkey.

The government deserves credit for giving the right kind of policy support to generate this momentum, which includes, but is not limited to, raising cash incentives against exports to non-traditional markets.

With China and India giving more importance to importing clothing products for local consumption, and with global retailers opening new outlets in India, a tremendous window of opportunity has opened up for Bangladesh to grab new world markets.

The RMG industry is the backbone of our economy, and the health of this sector will ensure robustness in other sectors as well, creating jobs and spurring innovation.

This is a crucial time for Bangladesh’s economy, with middle income status well within our sights, and while our exporting success in recent years has been nothing if not admirable, we need to stay on track.

Constantly looking out for untapped and non-traditional markets, always innovating, always adapting to the new norms of global business -- these practices will ensure that Bangladesh goes straight to the top.